Wind energy project breaks ground in Chile

Parque Eolico El Arrayan (PEEA) began construction on the 115 MW El Arrayan wind project in Chile.

AEI, Pattern Energy Group LP and Antofagasta Minerals SA (AMSA) have also completed $245 million financing for the project. The innovative structure provides financing for the two-year construction period, value-added-tax, liquidity reserves and a 15-year term period. Funding commitments were arranged by Export Kredit Fonden through its ELO Scheme, Sumitomo Mitsui Banking Corp, Bank of Tokyo-Mitsubishi UFJ and Credit Agricole. Chile's Corpbanca provided the VAT facility.

The wind project is currently under construction and is expected to be complete by early 2014. The project is being built by Skanska Chile. It will use 50 Siemens (NYSE: SI) 2.3 MW wind turbines. Pattern will operate the project after it is completed. Minera Los Pelambres, a mining company controlled by AMSA, signed a 20-year power purchase agreement for the wind farm.

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